June, 2022 For Immediate Dissemination Soil Sampling at South Darlot Gold Project

ABN: 32 072 871 133

Central Iron Ore Ltd.

Suite 1 Level 2, 49-51 York Street, Sydney 2000 Australia

Tel. 61 2 9397 7555

NEWS RELEASE Symbol: CIO-TSXV

June, 2022 For Immediate Dissemination

Soil Sampling at South Darlot Gold Project

VANCOUVER, BRITISH COLUMBIA – (Marketwire – 27 June, 2022), Central Iron Ore Ltd.

(CIO – TSX.V) (“CIO” or “the Company”) is pleased to announce the geochemical results from a

soil sampling program at the South Darlot Gold Project, undertaken in April 2022.

Focus of sampling and recent multi-element analysis

The main area of focus for this soil sampling campaign was between the Endeavour and Mermaid

prospects where there is known sub-surface gold mineralisation observed in a suite of RC and

diamond core drill holes. Au enrichment is interpreted to be sourced via the Emperor Fault which

strikes WSW-ENE through both Endeavour and Mermaid.

A total of 1,695 samples were collected across an area of 1 Km2. Samples were sent to LabWest

Minerals Analysis Pty Ltd in Malaga, WA where they were screened to the <2-micron fraction and

analysed for Au + 50 element suite by ICP-MS/OES.

The Endeavour and Mermaid are single lode systems that have relatively short strike lengths. A

tight sample density (20mN x 30mE) was employed targeting other potential systems with a similar

size footprint of the Endeavour and Mermaid prospects.

Recent multi-element and petrographic analysis of the mineralisation at the Endeavour Prospect

revealed there is a strong base metal association with the Au enriched vein. Cu, Pb and low levels

of Ag were observed in the core and thin section work. The occurrence of these base metals in

association with elevated Au grades have been used as a guide when ranking anomalous targets

within the sampled area on M37/631 and 632.

Soil Geochemistry Results

Five areas have been identified as walk up targets for drill testing. Ranked highest to lowest are

Delta, Alpha, Beta, Charlie and Echo. Prospects Delta, Alpha and Beta have elevated

Au coincident with high Cu, Pb and other typical Au pathfinder elements (Bi, Co, Cr, As, Ag, Sb,

Te). The Charlie and Echo anomalies are in areas which show elevated Au with associated

base metals; however, they are on the far west and far east of the sampled areas and are not

closed off. Further soil sampling is planned on the eastern and western margins to better

understand the geochemical anomalism in these areas.

Figure 1. Au (ppb) dispersion in the South Darlot Gold Project with known mineralised deposits and areas of interest

highlighted from soil sampling campaign.

Figure 2. Spatial distribution of Au and its correlation with base metals and other Au pathfinder elements. Red – known

mineral deposits, Yellow – Prospective areas for Au exploration, Blue – Area of alluvial deposition of metals.

In addition, two areas are identified as prospective lithium targets. Li1 is located in the far north

and is represented by the presence of elevated Li and other elements associated elements of

LCT pegmatites (Rb, Cs, Be, Ta) . Further sampling is planned to better define this area . The

second lithium anomaly, Li2 is located to the west of the Delta prospect. Due to its close proximity

to Delta, the planned AC drilling targeting the Delta Au anomalism will be extended to target the

Li2 anomaly.

Figure 3. Li (ppm) dispersion in the South Darlot Gold Project.

Figure 4. Spatial distribution of Li with respect to LCT Pegmatite pathfinders Red – Known mineral deposits, Green – Prospective

areas for Li/LCT Pegmatite exploration.

CENTRAL IRON ORE LIMITED

SOUTH DARLOT GOLD PROJECT (Western Australia)

The Company’s South Darlot Gold Project area is located approximately 320km northwest of

Kalgoorlie in Western Australia and includes:

• The British King Mine which is 100% beneficially owned by the Company and which is

National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI43-101”) compliant.

The British King Mine is 5km southwest of Red 5 Limited’s Darlot Mine. The British King Mine is

currently in care and maintenance.

• A number of tenements which are subject to a joint venture with subsidiaries of Red 5

Limited (“Red 5”), details of which are set out below, in which CIO has earned a 70% interest.

Figure 5: Locality map of the South Darlot project

RED 5 JV Project (Formerly Barrick Joint Venture Project)

The tenements set out in the table below (“Red 5 JV Tenements”) are the subject of a joint venture

between a fully owned subsidiary of the Company and subsidiaries of Red 5 Limited (“Red 5 JV”)

and are situated southwest of Red 5’s Darlot gold mine and are contiguous with CIO’s current

holdings in the area. The Red 5 JV Tenements are detailed below.

Table 1: List of South Darlot tenements

Project Tenement Status Area (ha)

Barrick JV M37/421 Granted 381

Barrick JV M37/552 Granted 200

Barrick JV M37/631 Granted 776

Barrick JV M37/632 Granted 595

Barrick JV M37/709 Granted 98

Barrick JV M37/1045 Granted 90

QUALIFIED PERSON

Mr Andrew Bewsher who is a Member of the Australian Institute of Geoscientists and has

compiled the information within this report relating to soil geochemical distributions. Mr Bewsher

has sufficient experience relevant to the style of mineralisation and t ype of deposit under

consideration and to the activity currently being undertaken to qualify as a Competent Person as

defined in NI 43-101.

On behalf of the Board of Directors

CENTRAL IRON ORE LTD.

“Brett Hodgins”

____________________________

Brett Hodgins, President/CEO

For further information, please contact:

www.centralironorelimited.com

Investor and Media Inquiries:

Direct: +61 2 9397 7555

Email:[email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies

of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES SERVICES OR FOR DISSEMINATI ON

IN THE UNITED STATES.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking information within the meaning of Canadian securities laws. Although the

Company believes that such information is reasonable, it can give no assurance that such expectations will prove to

be correct. Forward -looking information is typically identified by words such as: believe, expect, anticipate, intend,

estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company

cautions investors that any forward -looking information provided by the Company is not a guarantee of future results

or performance, and that actual results may differ materially from those in forward looking information as a result of

various factors, including, but not limited to, the state of t he financial markets for the Company’s equity securities, the

state of the market for iron ore or other minerals that may be produced generally, recent market volatility; variations in

the nature, quality and quantity of any mineral deposits that may be lo cated, the Company's ability to obtain any

necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able

to implement its business strategies and other risks associated with the exploration an d development of mineral

properties. The reader is referred to the Company's disclosure documents for a more complete discussion of such risk

factors and their potential effects, copies of which may be accessed through the Company’s page on SEDAR at

www.sedar.com.